![The chief operating officer of Bitpay, Sonny Singh has discussed the use of bitcoin as a form of payment. According to Singh, bitcoin is working and efficient when acting as a form of currency even though the price of the digital asset has crashed. Singh claims the crash in bitcoin’s price has no effect on using the token as a form of currency. Bitpay CEO stated, “The key thing is that bitcoin is actually being used all around the world for things other than speculation and trading.” Singh added to the conversation claiming, “ [Bitpay] did 1.2 billion dollars last year in payments,” adding that such “means people spent $1.2 billion dollars of payments using bitcoin.” Although bitcoin is working as a form of currency Singh believes there is a need for greater education regarding the benefits of cryptocurrency so further adoption can take place. Singh noted,“In America, everyone’s so used to credit cards or goes online and types credit card numbers. But it’s safer and easier to do this through QR code because you don’t have to give your credit card numbers. […] The merchants save money in America by paying with bitcoin, because they pay 1% of the transaction fee, but with credit cards, that’s 4%. So the merchants can make a lot of money if you are paying with bitcoin. But yet they don’t understand it, they have to be educated about it. And the consumers have to get the habit of spending with bitcoin. For them, it’s better and quicker than credit cards, and better for privacy.” According to Singh the typical cryptocurrency user is more concerned with speculation and trading rather than the true benefits of the currency. “A lot of people in America have heard of bitcoin, but not a lot of them own bitcoin. Even the tech people and college kids bought bitcoin, they’ll not spend it. They bought it only for speculation. And if you ask them about bitcoin, they can tell you about the price but nothing else, because they treat it as an investment tool. We need to get these people to actually start to spend bitcoin.” Asia comprises a large market for Bitpay proving a lot of growth within the continent. Evidence of this indicates that bitcoin may become more mainstream within the next couple of years as the growing asian markets may implement it into business.](../wp-content/uploads/Bitpay-COO-Believes-Bitcoin-is-Working-as-Means-of-Payment-1024x576.jpg)
The chief operating officer of Bitpay, Sonny Singh has discussed the use of bitcoin as a form of payment. According to Singh, bitcoin is working and efficient when acting as a form of currency even though the price of the digital asset has crashed.
Singh claims the crash in bitcoin’s price has no effect on using the token as a form of currency. Bitpay CEO stated,
The key thing is that bitcoin is actually being used all around the world for things other than speculation and trading.
Singh added to the conversation claiming, “ [Bitpay] did 1.2 billion dollars last year in payments,” adding that such “means people spent $1.2 billion dollars of payments using bitcoin.”
Although bitcoin is working as a form of currency Singh believes there is a need for greater education regarding the benefits of cryptocurrency so further adoption can take place. Singh noted,
In America, everyone’s so used to credit cards or goes online and types credit card numbers. But it’s safer and easier to do this through QR code because you don’t have to give your credit card numbers. […] The merchants save money in America by paying with bitcoin, because they pay 1% of the transaction fee, but with credit cards, that’s 4%. So the merchants can make a lot of money if you are paying with bitcoin. But yet they don’t understand it, they have to be educated about it. And the consumers have to get the habit of spending with bitcoin. For them, it’s better and quicker than credit cards, and better for privacy.
According to Singh the typical cryptocurrency user is more concerned with speculation and trading rather than the true benefits of the currency.
A lot of people in America have heard of bitcoin, but not a lot of them own bitcoin. Even the tech people and college kids bought bitcoin, they’ll not spend it. They bought it only for speculation. And if you ask them about bitcoin, they can tell you about the price but nothing else, because they treat it as an investment tool. We need to get these people to actually start to spend bitcoin.
Asia comprises a large market for Bitpay proving a lot of growth within the continent. Evidence of this indicates that bitcoin may become more mainstream within the next couple of years as the growing asian markets may implement it into business.
Even in a bear market, there are plenty of trading opportunities every day. Learn how to spot them.
The Simple 4-Step Process We Have Used To Make Over 3400% In 8 Months Without Any Complicated Techniques
LEARN HOW TO EFFECTIVELY TRADE CRYPTOCURRENCIES!
We will be hosting a FREE VIDEO CLASS that will teach you our exact process for trading cryptocurrencies in these types of market conditions and how you can profitably trade in a bear market.
